Reach Subsea ASA Acquires Guardian Geomatics to Achieve World-Leading Survey Capabilities
Reach Subsea ASA, the trusted data and subsea service provider for ocean-based industries, has entered into an agreement to acquire 100 percent of the shares of the Australian marine survey company Guardian Geomatics.
Key strategic benefits of the transaction:
- Adding significant survey software and hardware applicable for the global market
- Providing established market access to the Australian and Asia Pacific markets
- Strengthened offering within construction, as well as inspection, maintenance, and repair (IMR) both in existing and new markets.
- Significant synergy potential related to cross sale opportunities and due to complementary peak seasons, which allows for optimal resource utilization. No overlap with existing operations
- Well-established and highly profitable existing business
- Platform for the introduction of Reach Remote robotics in the Australian oil & gas and renewables markets
- Adding a highly competent team with vast experience from the surveying industry
Guardian Geomatics was established in February 2018 by a group of industry experts with vast industry experience from among other places Fugro. The company has been highly successful since the launch. In FY 2023 (fiscal year ending June 30), revenues reached AUD 41.7 million, a growth of 96 percent compared to FY 2022. 2023 EBITDA was AUD 6.2 million, a growth of 41 percent.
Guardian Geomatics offers a variety of marine survey solutions to the oil and gas industry, and Government sector clients. These include geographical, hydrographic, oceanographic and environmental surveys. In addition, Guardian conducts geotechnical site Investigations, positioning and ROV Services, as well as providing prime contracting and consulting services. The business is highly complementary to Reach Subsea’s existing operations and offers significant synergies with Reach Subsea.
Founders and current shareholders of Guardian Geomatics, Steve Duffield and Paul Kennedy are still fully engaged in the company.